Researchers in finance and accounting recently find that male CEOs’ high facial masculinity (fWHR: facial width-to-height ratio), which is known to be related to aggressiveness to achieve higher social status in the neuroendocrinology literature, shows dual impacts on corporate outcomes. For...

We study the impact of succession tournaments on risk-taking in family firms. More sons (less daughters) in controlling families are associated with higher income volatility and lower performance – especially, in opaque private firms with pyramidal ownership structure. Contestants exhibit...

This study examines the effect of CEO-connected directors on firm value. Empirical analyses are conducted on US firms between 1999 and 2016 using a local supply of directors as an instrumental variable. CEO-connected directors contribute to the firm by resolving information asymmetry. I find...

Governance improvement measures often demand more financial experts on corporate boards. Directors from the lending bank require particular attention because the conflicts of interest between shareholders and debtholders would be severe. Hence, we examine whether commercial banker directors work...

Did the masculinity-driven corporate culture of Wall Street change after the 2008 global financial crisis? According to the neuroendocrinology literature, the voice pitch of a male is an ‘honest signal' of his testosterone level that affects risk taking for social dominance. We use digitally...

Governance literature finds that the independent directors from the lending banks (CBDs) bring both financial expertise and conflict of interest between shareholders and debtholder. We examine how the presence of CBDs affects the implicit incentive of CEO turnover. Using BoardEx and DealScan...